Archive for July, 2013

If you have a student headed to college this fall, you could get a huge tax break

From The Short Answer:
 
Question: My son will be entering college in the fall, and I own a 529 college-savings account in his name. Rather than pay tuition directly to the school, can I add the money to the 529 so I can claim the state tax deduction and then withdraw it to pay tuition?
 
Answer: At first blush your idea might strike some readers as far-fetched. Surely states wouldn't give someone a tax break just for putting money into a 529 account for a few days, right?
 
But the surprising answer is that many states do allow this, imposing no waiting period on 529 withdrawals, and allowing account holders to deduct contributions from their state income taxes regardless of how long the money is held in the account.
 
For families with…
 
Read full article…
 
More on taxes:
 
Ron Paul: The IRS scandal is much bigger than you know
 
Must-read: Sen. John McCain op-ed proves U.S. taxpayers are being ripped off
 
This insane program costs Americans $3.7 billion every year and has killed 127,000 jobs

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Good news: Appeals court strikes down NYC mayor’s unconstitutional "soda ban"

From Zero Hedge:
 
And so Bloomberg's initial foray into testing the limits of America's nanny financial capital is officially over.
 
Moments ago, Reuters reported that Mayor Mike's quest to limit what New Yorkers may or may not drink is officially over…  His forced plan to ban large sugary drinks from restaurants and other eateries was halted and deemed an "illegal overreach of executive power," a state appeals court ruled on Tuesday, upholding a lower court decision in March that struck down the law.
 
Wait, if illegal overreaching of executive power is, well, illegal, there are a few other people in position of power that America's court system may want to take a close look at…
 
Read full article…
 
More government insanity:
 
These are the 217 people who betrayed the American people last night
 
Sit down before reading: You won't believe what the NSA just said
 
A surprising email exchange every American should read immediately

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New report reveals facts about NSA spying that could shock even the most cynical American

From The Ron Paul Institute:
 
Guardian newspaper journalist Glenn Greenwald appeared on ABC News "This Week" program yesterday to preview a story he will be publishing this week on just how widespread is the NSA spying on Americans. His revelations may shock you.

Among Greenwald's claims is this shocker:

 

The NSA has trillions of telephone calls and email in their databases. What these programs are are very simple screens, like the ones that supermarket clerks or shipping and receiving clerks use, where all an analyst has to do is enter an email address or an IP address, and it does two things:

 

It searches that database and lets them listen to the calls or read the emails of everything that the NSA has stored, or look at the browsing histories or Google search terms that you've entered; and it also alerts them to any further activity that people connected to that email address or connected to that IP address do in the future.

 

And it's all done with no need to go to a court, with no need to even get supervisor approval on the part of the analyst.

 
As the Moon of Alabama website explains further…
 
 
More on spying:
 
 
 

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Five reasons the Federal Reserve will "taper" in September

From Sober Look:
 
Little doubt remains at this stage that the Fed will begin slowing its securities purchases this September.
 
The central bank under Bernanke's leadership has been highly focused on data and will consider the following five broad indicators to reach its decision.
 
1. Labor markets: As Bernanke recently pointed out, with respect to labor markets the hurdle for reducing purchases is lower than for raising rates. The FOMC will be looking for improvements in demand for labor in the US and will find it in…
 
 
More on the Fed:
 
 
 

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Gov’t INSANITY: Spain just levied one of the dumbest taxes in history

From Global Economic Trend Analysis:
 
Proving that idiocy truly has no bounds, Spain issued a "royal decree" taxing sunlight gatherers. The state threatens fines as much as 30 million euros for those who illegally gather sunlight without paying a tax.

The tax is just enough to make sure that homeowners cannot gather and store solar energy cheaper than state-sponsored providers.

Via Mish-modified Google Translate from Energias Renovables, please consider Photovoltaic Sector, Stunned:
 

The Secretary of State for Energy, Alberto Nadal, signed a draft royal decree in which consumption taxes are levied on those who…

 
 
More on Spain:
 
 
 

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These charts could be predicting an epic bear market in U.S. Treasurys

From Peter L. Brandt:
 
A multiyear increase in yields and drop in prices has begun.
 
[Note: I interchangebly refer to a rise in yields as being the equivilent of a decline in prices, and visa versa. Remember, rising yields equal declining prices.]
 
The quarterly graph of T-Bond futures shows that the 31-year bull market in T-Bond prices reached the upper boundary of a channel in late 2012. There is a good chance that the late 2012 high will not be seen again and that T-Bond prices have entered a major bear phase.
 
On the quarterly chart, a retest of…
 
 
More on Treasurys:
 
 
 

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Two things every "small cap" investor should keep an eye on now

From All Star Charts:
 
Over the last 24 hours, two technicians that I respect very much have come out pointing to the current vulnerability in small caps.
 
I first brought up some potential resistance two Fridays ago on July 19th. As far as I was concerned, it wasn't so much the momentum or any breaks in price, but more so the targets that were being achieved.
 
The measured move and key fibonacci extensions were both right here. And as expected, price has stalled. But, to their credit, they haven't given back any gains either.
 
Carter Worth of Oppenheimer is pointing to the resistance from the upper trendline connecting peaks throughout recent history. This takes us right to where we are currently in the Russell 2000.
 
Every time we've reached these levels, prices in small caps have…
 
 
More on stocks:
 
 
 

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Controversial post: Report claims Obama is literally trying to erase his history

From Liberty Blitzkrieg:
 
President Transparency, in the interest of protecting his Administration's spotless record of least transparent ever, has decided to erase sections of his original campaign website so that inconvenient and broken promises (ie, every single thing he said) can't be so easily exposed.
 
Although clearly no one goes to the campaign site for groundbreaking news, it had served as a useful platform to compare candidate Obama to the George W. Bush clone he has become as President. From Policy Mic:
 

In a recent blog post by the Sunlight Foundation, the watchdog organization curiously notes how the Obama administration has removed previously available content from then candidate Obama's famous 2008 campaign platform, Change.gov. While the site has long since served as a landing page to redirect traffic towards the now President Obama's whitehouse.gov, the content of the website, particularly the materials and agenda pages, has always been accessible. However, very recently, access to such information is now no longer supported through the site and appears to have been "scrubbed" off the internet.

 

Thus, because President Obama's policies have failed to match candidate Obama's campaign platform (particularly the change part of "hope and change"), it is possible that the easy availability of such contradictory information, not to mention the reputability of the source, has proven to be too detrimental to President Obama's reputation given the current political climate. More specifically, the President's views on government ethics and whistle blowing:

 

The following was candidate Obama's position on whistleblowers:

 

Protect Whistleblowers: Often the best source of information about waste, fraud, and abuse in government is an existing government employee committed to public integrity and willing to speak out…

 
 
More on Obama:
 
 
 

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Must-see: You’ll never guess who is warning about the dangers of the Federal Reserve’s insane policies

From Zero Hedge:
 
… Well, not today's Ben Bernanke of course – [rather] a far more honest version of the current Fed Chairman, one speaking before the New York Chapter of the National Association for Business Economics, on October 15, 2002:
 

I worry about the effects on the long-run stability and efficiency of our financial system if the Fed attempts to substitute its judgments for those of the market.

 
So do we, Ben.
 
But wait, there's more – here is the Chairman warning about not only moral hazard but also real estate bubbles:
 

[A] possible indicator of bubbles cited by some authors is the rapid growth of credit, particularly…

 
 
More on Ben Bernanke:
 
 
 

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Should You Trust Your Instincts on Gold?

July 30, 2013 (Investorideas.com Mining stocks newswire) Recent events in San Francisco and at La Guardia Airport made me recall a terrifying experience years ago.

Wednesday, July 31st, 2013 News Comments Off on Should You Trust Your Instincts on Gold?

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